“With a majority of New Yorkers saying that their finances are about the same as a year ago, it’s not surprising that most hope to keep holiday spending about the same. Still, with more than two-thirds at least somewhat excited about the holiday season, overall consumer sentiment up slightly from a year ago, and appreciably from 2014, spending may well exceed best-laid plans,” Don Levy, SCRI director, said in the news release.
The survey also found that 70 percent of New Yorkers plan to conduct at least some of their shopping online this year. Nearly 20 percent of all state residents, a quarter of younger residents, and 28 percent of those earning at least $100,000 a year, will do at least 75 percent of their shopping online.
“By two-to-one, New Yorkers say that, as much as they can, they will buy practical gifts more than splurging on special items. While we won’t be wrapping up coal, it is more likely we’ll see needs, rather than wants, under the tree,” Levy said. “Still, every indicator, especially among affluent New Yorkers, points to increased spending this holiday season.”
The Siena survey also found more than three-quarters of respondents will be making donations of money, food, or gifts to charitable organizations that focus on the needy during the holiday season and 36 percent plan to volunteer for organizations that help people during the holidays.
Researchers conducted the SCRI survey of holiday-spending plans Nov. 6 through Nov. 15 by random telephone calls to 804 New York adults via landline and cell phones.
SCRI reports this data at a 95 percent confidence level with a margin of error of plus or minus 4.2 points, including the design effects resulting from weighting.
Contact Reinhardt at ereinhardt@cnybj.com